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Lenny is a mobile led lending app offers initial credit lines of up to $500 to students based on their GPA. It helps users secure credit and boost their credit rating to help in later life.
Line of credit services on mobile app - for students. It borrows funds instantly at low interest rates. It help individuals improve their credit scores by informing major credit bureaus when payments are made on time.
Company generates revenue through various fees. Annual memebership fee: $ 19.99 Penalty fee: $29 Check payment fee: $15.
Partnered with Dwolla-provides payment services.
The focus is on millennials and credit worthiness of students is assessed on a multitude of criteria including their GPA.
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